MNHQ here: tell us what you think about whether MN should take ads for cryptocurrency trading

[RowanMumsnet]

Hello

We're after your views on Mumsnet taking paid advertising for services that specialise in the trading of cryptocurrencies (eg Bitcoin).

Thus far we've taken the view that MNers are adults, many of them with a pretty sophisticated understanding of financial products and services, and so this isn't on our 'do not advertise' list. But we've had a few questions from the media over the past 24 hours about some upcoming commercial activity with a crypto trading service and as we try to operate on the principle of collaborating with MN users when it comes to these decisions, we wanted to know what you think. Is trading in cryptocurrencies an appropriate area for Mumsnet commercial activity? Is this sort of trading more analagous to gambling (we don't take ads for gambling sites)? Is this sort of commercial activity compatible with MN's fundamental aim of making parents' lives easier?

Would love to know what you all think

Thanks
MNHQ

GladAllOver That would be sensible.

@M4J4

MN make their money from loads of things. But if you're happy to look at adverts that's your choice. If you support them in that then I don't see how you can get all moral over it and think you have the right to choose what other people see.

I vote no.

@VanGoghsDog

Where have I said that I have the right to choose what other people see?

MN asked for our opinion and I said that I hope they don't advertise something that causes a lot of people misery.

The fact that you see that as moralising is really sad and says alot about you as a person.

And the way you asked 'doesn't everybody?' is really arrogant, especially as it's people like me without an ad blocker who fund people like you and your access to MN.

I also find it worrying that MNHQ don’t seem to know much about cryptos if they are asking us if it’s more analogous to gambling! If they don’t know what crypto trading is, how much research have they done to check that this company isn’t one of the crypto scams?

noooo

They are unregulated investments (although the Financial Conduct Authority will look to regulate firms offering trading in them when they can).

Findings of the FCA Taskforce on cryptocurrencies

And whilst cryptoassets are not currently widely used in the UK, and the UK is not a major exchange market for cryptoasset trading relative to the global one, we are concerned about the potential harm posed by current usage of these often poorly-understood cryptoassets.

The taskforce has concluded that there are 3 major harms associated with cryptoassets.

The first harm is to consumers, who may buy unsuitable products, face large losses, be exposed to fraudulent activity, struggle to access market services, or be exposed to the failings of service providers, such as exchanges.

More here on crypto scams:
www.fca.org.uk/scamsmart/cryptocurrency-investment-scams
This means that if you invest in cryptocurrencies you will not have access to the Financial Ombudsman Service (link is external) or the Financial Services Compensation Scheme (link is external) if things go wrong.

I'd stay well away from them as scams are rife and (IMHO) are designed to be scamlike. Dutch tulip bulbs at least give you

Isn't bitcoin used to pay for all sorts of illegal shit?

Money laundering, fraud, states avoiding financial sanctions, as well as paying for dodgy stuff online

Essentially allows criminals, terrorists and states like N Korea to transfer and launder funds

god i loathe cryptocurrencies

The amount of views expressed without a proper understanding of the subject is par for the course I suppose.

I'd say yes, of course. Caveat emptor. But then look where a democratic vote on Brexit got us.

Protect the halfwit majority if you must.

Well said Hilly

^Money laundering, fraud, states avoiding financial sanctions, as well as paying for dodgy stuff online

Essentially allows criminals, terrorists and states like N Korea to transfer and launder funds

god i loathe cryptocurrencies^

Do you also loathe the American dollar because that’s used infinitely more widely for those sort of activities than cryptocurrency??

I would be happy with ads for financial companies/products covered by official regulation/fsa

To those of you saying that cash, too, is used for illegal activities -- well yes it is but it's still the case that crypocurrencies present additional opportunities for abusive transactions that aren't (yet at any rate) compensated for by any benefits that they bring.

It's a bit like responding to concerns about guns by saying that people are also killed with fists, kitchen knives, etc.

My autistic and mentally ill son regularly got methamphetamine delivered to his front door, thanks to bitcoin. He would have found it very much harder, or impossible, to access drugs without the dark web, because of his autism and the care team around him.
The drugs devastated him to the point where is went on to order a different combination of drugs for the purpose of suicide. It is hard to imagine how he will remain safe when he is no longer in residential care.

No

(To clarify, he wasn't in residential care when he accessed drugs. He was sectioned following the suicide near miss.)

I agree alpha

The easy accessibility of child abuse images and film , drugs , weapons , paid for violence is down to the fact that people can anonymously buy them

That said I MN choose to advertise them that’s their choice

I get the site for free !

But yes It’s like we know that Bitcoins are there if for some reason we need to operate outside the law

"I also greatly dislike the fact that some crypto currencies such as bitcoin are used by extortionists and providers of extreme child porn."

So are US$ and Visa.

I think it's patronising to block cryptocurrency and shows a real lack of understanding (again) from the people who run this forum.

As stated above, the simple solution is for MN to only get involved with REGULATED financial activities.
Anything else is irresponsible.